It may be more difficult to get financing and a good rate buying through an LLC. 

Too bad you can't buy something owner-occupied, put 5% down with the best interest rate, live in it for 12 months (and fix it up), rent it out and repeat the cycle.Here's some other info you might find useful:----------------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I believe United FCU is best. 20% down, usually a 10yr term (they offer a longer term though), and an interest rate that's pretty close to the current average for conventional loans. 

We do want to settle in a little bit here while continuing to do our homework, but hope to get into something in the next 6-12 months.With the way interest rates are looking now and what little I see on public listings, I think a smaller multi-family that needs a little rehab would be the best bet. 

especially now with rates up.

If everything works out and you are dealing with a legit company this could be a great long term tenant paying above market rates. 

What about rate and term refinancing?

Guests love them, and listings with hot tubs often command higher nightly rates and occupancy.

Should I use a co-host just to get off the ground on a good foot and rack up some solid 5 star ratings, then transition to self sufficient down the road?   

it makes for a very juicy internal rate of return.